Beech Corporation has three finished products (related to three different product lines) in its ending...
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Accounting
Beech Corporation has three finished products (related to three different product lines) in its ending inventory at December 31, Year 1. The following table provides additional information about each product:
Product
Cost
Replacement Cost
Selling Price
Normal Prot Margin
101
$130
$140
$160
20%
202
$160
$135
$140
20%
303
$100
$ 80
$100
15%
Beech Corporation expects to incur selling costs equal to 5% of the selling price on each of the products.
Determine the amount at which Beech should report its inventory on the December 31, Year 1, balance sheet under (1) IFRS and (2) U.S. GAAP
NOTE: Please show detailed calculations and explaination for U. S. GAAP. Thank You.
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